only part 7 100-200 words please

. Ch16 Case Study - Process Costing Part 1: Explain and provide a real life business example for equivalent units. Explain the importance and main purpose for equivalent units. Part 2: Explain and provide a real life business example for conversion costs. Explain the importance and main purpose for conversion costs. Part 3: Explain Step One and Step Two for the Production cost report. Explain the importance and main purpose for Step One and for Step Two for the Production cost report. Part 4: Explain Step Three and Step Four for the Production cost report. Explain the importance and main purpose for Step Three and for Step Four for the Production cost report. Part 5: Choose a manufacturing company and explain if its inventory should use a Process costing system. Explain what type of manufacturing company would choose to use a Process costing system. ACCT 102 - Case Studies - Spring 2021 Part 6: Choose a manufacturing company and explain if its inventory should use a Hybrid-costing system (combination of process costing and job order costing). Explain what type of manufacturing company would choose to use a Hybrid-costing system. Part 7: Explain each of the four differences for the FIFO and Weighted-Average methods for the Process Cost system: Which method is more difficult to use? What happens when there are similar results for both methods? Which method is superior to use? Which method is more accurate? Explain and compare each of the differences for the FIFO and Weighted-Average methods of the Process Cost system